Economy of Simple Things Program Established to Provide Funding to Businesses
Kazakh Ministry of Industry and Infrastructure Development has introduced a new program, Economy of Simple Things, which is designed to develop the light manufacturing industry as well as the construction and furniture industries.
Under the program, the Ministry is targeting to create 16,000 new employments by 2025 and reduce imports to 37% from 59%.
The program is parked under the National Chamber of Entrepreneurs of the Republic of Kazakhstan ‘Atameken.’
The Economy of Simple Things will offer new preferential loans program for entrepreneurs as well as offer monitoring of the businesses service and providing support for businesses including the development of business plans and financing.
Funds will be allocated to both small and medium enterprises as well as large enterprises. Members of the program include specialists of Atameken, Damu Entrepreneurs Support Fund, second-tier banks and local authorities.
“We identified about 65 companies with the lack of operating cash and we are currently working with them. Documents of three companies are being examined by the banks and about 12 companies are at the initial stage,” said Deputy Director of Atameken, Asset Shayakhmetov.
He added that the Economy of Simple Things program will work with more companies in the future.
Financing for the enterprises under the program totals 600 billion Tenge derived from Kazakhstan’s Republican budget.